Cano Petroleum Announces Upcoming Conference Call, Fourth Quarter Production and New Hedges
September 14 2009 - 1:02PM
Business Wire
Cano Petroleum, Inc. (NYSE Amex:CFW) today announced that its
fourth quarter and 2009 fiscal year end Earnings and Operational
Update Conference Call will be held on Tuesday, September 29, 2009
at 11:00 AM EDT (10:00 AM CDT). Cano’s Form 10-K filing will occur
on September 28, 2009. Dial-in details for the call will also be
distributed on September 28, 2009.
Cano now qualifies as a non-accelerated filer for its Form 10-K
as its equity market capitalization at December 31, 2008 did not
meet the accelerated filer threshold of $50 million. Due to its
status as a non-accelerated filer, Cano has 90 days to file its
Form 10-K as compared to 75 days for accelerated filers.
Fourth Quarter Production
For the three months ended June 30, 2009, Cano reported net
daily production of 1,309 BOEPD, up 4% as compared to the third
quarter of the 2009 Fiscal Year and 15% compared to the fourth
quarter of 2008 Fiscal Year. Crude oil production was up 6% as
compared to the third quarter and 21% compared to the prior year
fourth quarter due to increased production from the Cato Field.
This was partially offset by reductions in our natural gas sales,
particularly at our Barnett Shale property, where we continue to
experience normal operating declines having ceased drilling
activity in early 2008 and having shut-in natural gas wells due to
low commodity prices.
Cano last drilled a producing well in October 2008. Response
from prior capital investments has increased production, fully
offsetting normal field declines at our properties where we have
not recently invested capital.
New Hedges
On September 11, 2009, Cano entered into two WTI NYMEX fixed
price swaps with its counterparty Natixis (one of its senior
lenders). The first swap covers 700 barrels of oil per day for the
period April through December 2011 at a price of $75.90 per barrel.
Cano also locked in a swap for 700 barrels of oil per day for the
full calendar year 2012 at a price of $77.25 per barrel.
ABOUT CANO PETROLEUM:
Cano Petroleum, Inc. is an independent Texas-based energy
producer with properties in the mid-continent region of the United
States. Led by an experienced management team, Cano’s primary focus
is on increasing domestic production from proven fields using
enhanced recovery methods. Cano trades on the NYSE Amex Stock
Exchange under the ticker symbol CFW. Additional information is
available at www.canopetro.com.
Safe-Harbor Statement -- Except for the historical information
contained herein, the matters set forth in this news release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The company intends
that all such statements be subject to the “safe-harbor” provisions
of those Acts. Many important risks, factors and conditions may
cause the company’s actual results to differ materially from those
discussed in any such forward-looking statement. These risks
include, but are not limited to, estimates or forecasts of
reserves, estimates or forecasts of production, future commodity
prices, exchange rates, interest rates, geological and political
risks, drilling risks, product demand, transportation restrictions,
the ability of Cano Petroleum, Inc. to obtain additional capital,
and other risks and uncertainties described in the company’s
filings with the Securities and Exchange Commission. The historical
results achieved by the company are not necessarily indicative of
its future prospects. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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